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NOTE 5 — LONG -TERM DEBT (CONTINUED)
<br />General obligation bonds
<br />Tax Increment Bonds
<br />Lease Revenue Bonds
<br />Capital Equipment Certificates
<br />Compensated absences — net
<br />C. Minimum Debt Payments
<br />Year Ending
<br />December 31,
<br />2003
<br />2004
<br />2005
<br />2006
<br />2007
<br />Thereafter
<br />Less amount
<br />representing
<br />interest
<br />CITY OF RAMSEY
<br />Notes to Financial Statements (continued)
<br />December 31, 2002
<br />B. Statement of Changes in General Long -Term Debt
<br />Balance
<br />Beginning
<br />of Year
<br />$11,275,000 $
<br />1,625,000
<br />196,000
<br />290,422
<br />Tax
<br />Increment
<br />Bonds
<br />$ 1,504,188
<br />1,623,025
<br />1,619,679
<br />1,492,701
<br />1,184,417
<br />4,962,878
<br />12,386,888
<br />2,426,888
<br />-24-
<br />New Debt
<br />Issues
<br />295,000
<br />17,326
<br />848,718
<br />Debt
<br />Retired
<br />$ 1,315,000
<br />55,000
<br />62,000
<br />Lease Capital
<br />Revenue Equipment
<br />Bonds Certificates
<br />$ 142,545 $ 135,182
<br />139,815 137,101
<br />141,908 64,260
<br />143,682 63,785
<br />140,235 64,015
<br />1,710,533 —
<br />2,418,718 464,343
<br />35,343
<br />$ 9,960,000 $ 1,570,000 $ 429,000
<br />Balance
<br />End of Year
<br />$ 9,960,000
<br />1,570,000
<br />429,000
<br />307,748
<br />$13,386,422 $ 312,326 $ 1,432,000 $ 12,266,748
<br />Minimum annual principal and interest payments required to retire long -term debt, not including
<br />compensated absences are as follows:
<br />
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